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    ctyoung's Avatar
    ctyoung Posts: 1, Reputation: 1
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    #1

    Nov 18, 2008, 09:08 AM
    Journalizing transactions
    How do I journalize the following transactions?

    Sales on account. $1,950,000
    Sales Returns and Allowances, $150,000
    Collections from customers, $1,800,000
    Accounts written off, $35,000
    Previously written off accounts of $7,000 were collected
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Dec 12, 2008, 08:11 PM

    1. Debit Accounts Receivable for the amount
    Credit Sales Revenue for the amount

    2. Debit Sales Returns and allowances for the amount
    Credit Accounts Receivable for the amount

    3. Debit Cash for the amount
    Credit Accounts Receivable for the amount.

    4. Debit Bad Debt Expense for the amount
    Credit Accounts Receivable for the amount

    5. Debit Accounts Receivable for the amount
    Credit Bad Debt expense for the amount

    Debit Cash for the amount
    Credit Accounts receivable for the amount
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